2 pm UPDATE: A Superior Court judge said Monday that he hoped to rule by the end of the week on a motion by the developers of American Dream Meadowlands to dismiss a lawsuit against the project that was filed by the Giants and Jets.

The teams cite a 2006 agreement with the previous developers of the former Xanadu entertainment and retail project that requires written consent of the teams for modifications to the project that would have an “adverse” impact on game-day traffic.

Triple Five, which plans to revive the project, and the New Jersey Sports and Exposition Authority – the governing body of the Meadowlands Sports Complex – argued that the dispute was not yet “ripe” for a court because the agency’s administrative process is not yet complete.

But Robert Giuffra, attorney for the teams, disagreed, telling Judge Peter Doyne in his Hackensack courtroom, “The breach [of contract], your Honor, has already occurred…. The key decision has been made.”

Giuffra was referring to the sports authority’s preliminary approval in October 2011 of an expansion plan for 638,000 combined square feet of indoor amusement and water parks.

Peter Torcicollo, counsel for the sports authority, countered: “Of course we haven’t asked for the team’s consent rights”- because he said, the agency doesn’t yet know exactly what the final project submission will be.

Doyne opened the hearing by noting that his family had season tickets to the Giants since Giants Stadium opened in 1976.

There were no objections to the judge’s continuing on the case.

The teams filed the suit on June 22, citing a 2006 deal with a previous developer that required the teams’ written consent regarding any new construction that would “have an adverse effect” on game-day traffic – mainly Sundays in the fall.

Triple Five points to the state Department of Transportation’s approval in January of a traffic study that concluded that there would be only “minimal” increases in traffic compared to the plan approved in 2004 that would have featured 1.8 million square feet of office space. The project was then known as “Meadowlands Xanadu.” The traffic study did not require specific analysis of traffic impacts on a Sunday with a football game next door, however.

The request for dismissal of the suit by Triple Five asserts that the time is not yet “ripe” for legal scrutiny because the New Jersey Sports and Exposition Authority’s administrative process is not yet complete. The sports authority board has only approved the preliminary plan to build the indoor water and amusement parks.

The shopping and entertainment project, with a much-maligned multi-colored exterior, has been mostly dormant since 2009, when a partner defaulted on a construction loan. Triple Five, operators of the Mall of America in Minnesota, announced its intention to take over the site in May 2011. But the company has yet to finalize nearly $2 billion in additional lending to complete construction of the original segment as well as the building of the two adjacent parks.

Final environment approval of the federal government, due to the destruction of five acres of wetlands as part of the new development, also has not yet been granted.